Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-02-15
TUESDAY. . FEBRUARY Is, 1881
A Good Sign-The Facts.

lar Wnlcn WOuiu seem 10 SHOW ttlht
they at least, and at last, have some
how reached the conclusion that the
State of Virginia has not yet fallen into
such o condition as that she is power
less TO assert her rights under the Con-
stitution of the United States Our
Baltimore broker friends say
alt would appear that Mr.. Royal
permitted his zeal to overreach his dis
cretion. Even if Mr. Royal is right
his action appears to us indiscreet, as
the enemies Of the bondholders-- surely
they are plentiful enough already-will
make capital of the charge of intimida-
ting the members of the jury, and the
few friends which the bondholders
have in Virginia may be estranged.
"From the time of the Supreme
Court decisions last year, in which the
bondholders obtained all the advantage
which the law could give them, we have
advocated policy of Cancellation.
eve urged upon the Council of For
eign Bondholders that it was to the, in
tercst of the creditors of the State to
endeavor to obtain IA peaceful settle
ment rather than TO use their legal al
vantage TO enforce their claims, and to
this end submitted for the approval of
the Council draft of an address to the
people of Virginia showing that the
bOndholders were not vindictiye, but
having been forced TO take legal mea-
sures to prove the justice of their cause,
and being sustained by the Supreme
Court, were willing to compromise
their claims upon basis Of the ability
of the State to pay. Our judgment and
advice were not accepted, and the poll
cy of force was continued until the
present crisis is reached.
at is true that ut their meeting held
at London last fall the Virginia bond
holders did put themselves on record as
being willing to accept a liberal COM
promise, but st the same time the Peo-
pie of Virginia-no matter how wrong
thev may behave been harassed and
worried by the continuous legal warfare,
and have turned deaf ear to the offer
Of the bondhOlders to compromise. We
truly believe that had the bondhOlders
stopped all legal action after the SUI
preme-COurt decision last year, and
turned their efforts to settlement by
Cancellation and compromise, the people
of Virginia would have appreciated such
a course and been more disposed to
grant more equitable and quicker set
tlement of the tate debt than will be
accomplished by an appeal to the
courts.
These paragraphs render it proper
for us once more TO call public atten-
ton to facts which it seems almost im-
possible to lodge in the public mind
We say, then
First, that the State Of Virginia has
TO option as to the fact of "repudia-
ton" if you choose 50 to style her
action in the matter Of her public debt,
but which Governor PERPoINT says Is
not to be styled reputation. 1t is
simply impossible for her to pay all OF
her debt How much Of it she shall
pay is the only question she can con-
slider.
The letter of Governor PEIRPoINr,
which we printed last week, ought to
satisfy every reader of it that West Viz
ginia can no more pay the portion OF
the debt Virginia assigned 70 her than
Virginia can pay the portion she kept
to herself Nay, it would bankrupt
West Virginia to pay her share OF the
debt as it was ascertained to be in 1871.
Sixteen years ago she owed over fifteen
millions of dollars, bearing interest ut 6
per cent This debt has now, there
fore. become thirty millions of dol
lars. As all the lands of all the
people of West Virginia are assessed at
only a little over hundred millions OF
dollars, it goes without saying that
West Virginia would reduce herself to
worse condition than that Of Ireland
If she were to undertake TO pay that
debt. In fact, the Stata of West Vir-
cinia now annually collects just about
So much revenue as the corporation of
Richmond-about $1,000 1t would
take all her revenue to pay 6 per
cent interest upon SD, 5OO,0oO As
nobody in that State acknowledges
that she owes even one million of the
debt OF Virginia, it may be set down
as certain that if the thirty millions
turned over by Virginia TO West Vir-
ginia shall ever be paid it will have 70
be paid by Virginia. But here comes
in reputation, so called. Every
body knows that Virginia has to all in
tents and purposes "repudiated" al
that part OF her debt which in 1871 wa,
assigned to West Virginia, notwith
standing that her certificates-called
West Virginia certifcates--are out
standing TO the amount Of millions o
dollars, pledging Virginia TO pay owe
to the creditors whatever she may OBJ
tain from West Virginia. She vii
Of course obtain nothing, and vii
Of course pay nothing. VIII tia
be reputation +? II not, why not
But il we fear tho word rather than th
thing, let US adopt Governor PRIs
POINTS word aud say that we have onl.
demanded Of West Virginia her fai
contribution" Do those peopl
who still talk Of the dishonor and dis
grace Of "repudiation" propose tia
Virginia shall pay any part Of the deb
Of West Virginia ? If not, then the.
too must be "Repudiatioaists," an
PARTIES conseptiog 10 tho dishonor
81 Virginia. There 80 thirty million
:, e(op - Aebt z there nobody z